Latest news with #JasonWild
Miami Herald
09-07-2025
- Business
- Miami Herald
Controversial retail chain closing 20 stores with no warning
Sometimes the gold rush never actually happens. There may be gold "in them there hills," but mining it might be too expensive or the quality of the ore may not be worth extracting it. In many ways, while certain opportunities seem. like they're incredibly lucrative it become a case of "is the squeeze worth the juice?" Related: Another popular movie theater chain files Chapter 11 bankruptcy There are a lot of good ideas that can be ruined by too many players entering the market. The first self-serve frozen yogurt place in your town was likely a huge hit, until another opened, leaving both on life support, and then a third killed the territory. Even complicated businesses like Lyft and Uber sabotage each other. One ride service would have pricing power and be able to make sure every ride was profitable. Once you add a second player, it becomes a pricing race to the bottom. That's why services like food delivery have struggled to actually make money. Don't miss the move: Subscribe to TheStreet's free daily newsletter We want them and use them, but have very little allegiance, so margins remain thin or non-existent. Even the cannabis space, where competition has been at east somewhat regulated in most markets has cannibalized itself. Legal dispensaries not only compete against each other, but also the illegal which never really went anywhere. Cannabis has become a commodity. It's very hard to differentiate your brand and even big-name players like MedMen ended up filing Chapter 11 bankruptcy. You could argue that only Planet 13 (PLNHF) , and there only really the Las Vegas location, has carved out a brand-name market aside from celebrities that lend their names to products. "TerrAscend is a leading TSX-listed cannabis company with interests across North America, including vertically integrated operations in Pennsylvania, New Jersey, Maryland, Michigan, and California through TerrAscend Growth Corp. and retail operations in Ohio as well as in Canada through TerrAscend Canada, Inc," according to its website. Bankruptcy news: Iconic auto repair chain franchise files Chapter 11 bankruptcyPopular beer brand closes down and files Chapter 7 bankruptcyPopular vodka and gin brand files for Chapter 11 bankruptcy The company has a long history for what has been a very transient space. "Founded in 2017, Jason Wild co-led a major investment with Canopy Growth, launching TerrAscend as a Canadian LP. We pivoted operations to the US in 2018, gaining a vertically integrated license in New Jersey. Over the next several years, we grew our operations through the acquisition of cultivation and manufacturing facilities and dispensaries in California, Pennsylvania, Maryland, Michigan, and New Jersey," it added. Now, the company has made a difficult decision to leave one major market. TerrAscend has completed a strategic review of its Michigan business operations and decided to exit the Michigan market. As part of the exit plan, TerrAscend intends to sell or divest all of the Company's Michigan assets, including four cultivation and processing facilities, 20 retail dispensaries, and real estate. Net proceeds from the divestitures will be used to pay down existing company debt. The Michigan exit is expected to be substantially completed in the second half of 2025. TerrAscend's business in Michigan will be reported as discontinued operations beginning with the Company's financial results for the second quarter of 2025. "After an extensive evaluation, we have made the strategic decision to exit the Michigan market," said CEO Jason Wild. "Michigan is an extremely difficult market and we have come to the realization that our resources can be better utilized in our other markets." Following the completion of the Michigan exit, the company will operate 19 dispensaries and four cultivation and processing facilities across five states, including New Jersey, Maryland, Pennsylvania, Ohio, and California, and in Toronto, Ontario. Related: Major retail chain supplier files for bankruptcy liquidation About 21% of the TerrAscend's workforce, or about 1,200 people will lose their jobs as part of the change. "This move will unlock value for TerrAscend and its shareholders. By concentrating our efforts and resources in the Company's core northeastern U.S. markets - New Jersey, Maryland, Pennsylvania, and Ohio - I am confident that we are now positioned to deliver stronger financial performance including improved margins and operational efficiencies," Wild added. The Arena Media Brands, LLC THESTREET is a registered trademark of TheStreet, Inc.
Newsweek
09-07-2025
- Business
- Newsweek
Cannabis Giant Announces Major Cuts: 'Extremely Difficult Market'
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. A leading American cannabis company has announced that it will cease all operations in Michigan due to challenging market conditions. TerrAscend Corp. said it will close 20 dispensaries and four cultivation and processing facilities in the state, while eliminating more than 230 jobs, according to a statement released last week and a notice filed with the state's labor bureau. "After an extensive evaluation, we have made the strategic decision to exit the Michigan market," said TerrAscend's Executive Chairman Jason Wild. "Michigan is an extremely difficult market and we have come to the realization that our resources can be better utilized in our other markets." Newsweek has reached out to TerrAscend for comment. What To Know A 'Weed' sign advertises a cannabis dispensary seen on May 24, 2024, in Los Angeles, California. A 'Weed' sign advertises a cannabis dispensary seen on May 24, 2024, in Los Angeles, was founded in 2017 and has grown into one of the most prominent brands specializing in the cultivation and retail of cannabis products in the U.S., reporting over $300 million in net revenue last year. Prior to its recent announcement, the company employed around 1,200 people, meaning the latest layoffs equate to an overall workforce reduction of roughly 21 percent. The layoffs and closures will impact all locations throughout Michigan, including Grand Rapids and Detroit. The workforce reductions will take place in the third quarter, and the company expects its exit from the state to be "substantially completed" in the second half of 2025. TerrAscend said it plans to use the proceeds from the divestitures to "pay down existing company debt," and that the move is "expected to meaningfully enhance TerrAscend's financial profile." The company had previously identified the Michigan market as an area of concern. In its most recent annual results, TerrAscend said it had incurred a $45.4 million noncash impairment charge—an on-paper reduction in the value of its assets—related to this business unit, contributing to its $72.7 million net loss for the year. The recreational sale of cannabis became legal in Michigan in 2019, but issues with oversupply have in recent times seen prices fall and posed challenges to those in the industry. Earlier this year, Governor Gretchen Whitmer also proposed a 32 percent tax on marijuana products—compared with the 10 percent excise tax and 6 percent sales tax currently paid—to help finance a $3 billion road-building project in the state, which shop owners told news outlet Bridge Detroit would add to the industry's struggles. What People Are Saying Jason Wild, executive chairman of TerrAscend, said: "This move will unlock value for TerrAscend and its shareholders. By concentrating our efforts and resources in the Company's core northeastern U.S. markets—New Jersey, Maryland, Pennsylvania, and Ohio—I am confident that we are now positioned to deliver stronger financial performance including improved margins and operational efficiencies." What Happens Next? After completing the Michigan exit, TerrAscend will operate 19 dispensaries as well as four cultivation and processing facilities across five states, including New Jersey, Maryland, Pennsylvania, Ohio and California, as well as Toronto, Canada. The restructured company, TerrAscend says, will focus on improving margins, operational efficiencies and cash flow in its remaining key markets.
Hamilton Spectator
09-07-2025
- Business
- Hamilton Spectator
TerrAscend Completes $79 Million Non-Dilutive Debt Financing
Proceeds used to retire $68 million of existing debt with the remainder designated for future growth initiatives Additional facility of up to $35 million available for strategic M&A No material debt maturing until late 2028 TORONTO, July 09, 2025 (GLOBE NEWSWIRE) — TerrAscend Corp. ('TerrAscend' or the 'Company') (TSX: TSND, OTCQX: TSNDF), a leading North American cannabis company, today announced that the Company, together with certain entities that are consolidated by the Company (the 'Consolidated Entities'), has closed on an upsize to its senior secured syndicated term loan (the 'Loan') of $79 million (the 'Transaction'), $68 million of which were used to retire existing indebtedness across other lenders, with the remainder designated for future growth initiatives. As part of the Transaction, an additional uncommitted term loan facility in an aggregate principal amount of up to $35 million will be available for future mergers and acquisitions ('M&A'). The Loan, led by FocusGrowth Asset Management, LP ('FocusGrowth'), a leading capital provider to the cannabis sector, carries an interest rate of 12.75%, and matures in August 2028. It contains no prepayment penalties, and is guaranteed by the Company. No warrants were issued as part of the Loan. 'This loan extends the vast majority of our debt until late 2028 and provides additional capital to execute on our growth initiatives, including M&A,' said Jason Wild, Executive Chairman of TerrAscend. 'This transaction reflects FocusGrowth's confidence in the Company's vision and strategy. Their team has been a pleasure to work with, and we look forward to a long and successful partnership together.' 'Our team is excited to further our partnership with the TerrAscend team to support their growth,' said Peter Bio, Partner of FocusGrowth. 'TerrAscend has established itself as a market leader in multiple states with ample greenfield opportunities for growth in both new and existing markets. We have enjoyed working with the team on this transaction and are already working with management to evaluate additional opportunities.' The Transaction constitutes a 'related party transaction' within the meaning of Multilateral Instrument 61–101 Protection of Minority Security Holders in Special Transactions ('MI 61–101') because Jason Wild, an insider of the Company, directly or indirectly invested approximately US$1.6 million of the Loan as a member of the loan syndicate in connection with the Transaction (the 'Insider Participation'). The Company has relied on exemptions from the formal valuation and minority shareholder approval requirements of MI 61–101 contained in sections 5.5(a) and 5.7(1)(a) of MI 61–101 in respect of the Insider Participation as the fair market value (as determined in accordance with MI 61-101) of the Insider Participation in the Transaction is below 25% of the Company's market capitalization (as determined in accordance with MI 61-101). About TerrAscend TerrAscend is a leading TSX-listed cannabis company with interests across the North American cannabis sector, including operations in Pennsylvania, New Jersey, Maryland, Ohio, Michigan and California through TerrAscend Growth Corp. and retail operations in Canada, TerrAscend operates The Apothecarium, Gage and other dispensary retail locations as well as scaled cultivation, processing, and manufacturing facilities in its core markets. TerrAscend's cultivation and manufacturing practices yield consistent, high-quality cannabis, providing industry-leading product selection to both the medical and legal adult-use markets. The Company owns or licenses several synergistic businesses and brands including Gage Cannabis, The Apothecarium, Cookies, Lemonnade, Ilera Healthcare, Kind Tree, Legend, State Flower, Wana, and Valhalla Confections. For more information visit . Caution Regarding Cannabis Operations in the United States Investors should note that there are significant legal restrictions and regulations that govern the cannabis industry in the United States. Cannabis remains a Schedule I drug under the U.S. Controlled Substances Act, making it illegal under federal law in the United States to, among other things, cultivate, distribute or possess cannabis in the United States. Financial transactions involving proceeds generated by, or intended to promote, cannabis-related business activities in the United States may form the basis for prosecution under applicable US federal money laundering legislation. While the approach to enforcement of such laws by the federal government in the United States has trended toward non-enforcement against individuals and businesses that comply with medical or adult-use cannabis programs in states where such programs are legal, strict compliance with state laws with respect to cannabis will neither absolve TerrAscend of liability under U.S. federal law, nor will it provide a defense to any federal proceeding which may be brought against TerrAscend. The enforcement of federal laws in the United States is a significant risk to the business of TerrAscend and any proceedings brought against TerrAscend thereunder may adversely affect TerrAscend's operations and financial performance. Forward-Looking Information This press release contains 'forward-looking information' within the meaning of applicable securities laws. Forward-looking information contained in this press release may be identified by the use of words such as, 'may', 'would', 'could', 'will', 'likely', 'expect', 'anticipate', 'believe,' 'intend', 'plan', 'forecast', 'project', 'estimate', 'look forward to', 'outlook' and other similar expressions, and include, but are not limited to, statements with respect to the Company's expectation of future availability of funds under the uncommitted term loan; and the Company's growth prospects in new and existing markets. Forward-looking information is not a guarantee of future performance and is based upon a number of estimates and assumptions of management in light of management's experience and perception of trends, current conditions and expected developments, as well as other factors relevant in the circumstances, including assumptions in respect of current and future market conditions, the current and future regulatory environment, and the availability of licenses, approvals and permits. Although the Company believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because the Company can give no assurance that they will prove to be correct. Actual results and developments may differ materially from those contemplated by these statements. Forward-looking information is subject to a variety of risks and uncertainties that could cause actual events or results to differ materially from those projected in the forward-looking information. Such risks and uncertainties include, but are not limited to, current and future market conditions; risks related to federal, state, provincial, territorial, local and foreign government laws, rules and regulations, including federal and state laws in the United States relating to cannabis operations in the United States; and the risk factors set out in the Company's most recently filed MD&A, filed with the Canadian securities regulators and available under the Company's profile on SEDAR+ at and in the section titled 'Risk Factors' in the Company's Annual Report for the year ended December 31, 2024 filed with the Securities and Exchange Commission on March 6, 2025. The statements in this press release are made as of the date of this release. The Company disclaims any intent or obligation to update any forward-looking information, whether, as a result of new information, future events, or results or otherwise, other than as required by applicable securities laws. For more information regarding TerrAscend: Ziad Ghanem Chief Executive Officer IR@ 689-345-4114 Investor Relations Contact: KCSA Strategic Communications Valter Pinto, Managing Director Valter@ 212-896-1254
Business Upturn
30-06-2025
- Business
- Business Upturn
TerrAscend Announces Strategic Exit from Michigan Market
Net Proceeds from divestitures to pay down Company debt Enables concentrated growth and improved profitability in core markets TORONTO, June 30, 2025 (GLOBE NEWSWIRE) — TerrAscend Corp. ('TerrAscend') (TSX: TSND, OTCQX: TSNDF), a leading North American cannabis company, today announced that it has completed a strategic review of its Michigan business operations and decided to exit the Michigan market. As part of the exit plan, TerrAscend and its consolidated entities (collectively, the 'Company') intend to sell or divest all of the Company's Michigan assets, including four cultivation and processing facilities, twenty retail dispensaries, and real estate. Net proceeds from the divestitures will be used to pay down existing Company debt. The Michigan exit is expected to be substantially completed in the second half of 2025. The Company's business in Michigan will be reported as discontinued operations beginning with the Company's financial results for the second quarter of 2025. Following the completion of the Michigan exit, the Company will operate nineteen dispensaries and four cultivation and processing facilities across five states, including New Jersey, Maryland, Pennsylvania, Ohio, and California, and in Toronto, Ontario. The strategic move is expected to meaningfully enhance TerrAscend's financial profile. The Company anticipates improvements across key metrics on a consolidated basis, including gross margin, adjusted EBITDA, and cash flow conversion, in addition to a strengthened balance sheet. 'After an extensive evaluation, we have made the strategic decision to exit the Michigan market,' said Jason Wild, Executive Chairman of TerrAscend. 'Michigan is an extremely difficult market and we have come to the realization that our resources can be better utilized in our other markets. This move will unlock value for TerrAscend and its shareholders. By concentrating our efforts and resources in the Company's core northeastern U.S. markets—New Jersey, Maryland, Pennsylvania, and Ohio—I am confident that we are now positioned to deliver stronger financial performance including improved margins and operational efficiencies.' The actions associated with the Michigan exit plan are expected to include a reduction of approximately 21% of the Company's overall workforce, which consists of about 1,200 employees as of June 30, 2025. Most of this reduction is expected to occur by the end of the third quarter of fiscal year 2025. About TerrAscend TerrAscend is a leading TSX-listed cannabis company with interests across the North American cannabis sector, including vertically integrated operations in Pennsylvania, New Jersey, Maryland, Michigan and California through TerrAscend Growth Corp., and retail operations in Canada. TerrAscend operates The Apothecarium, Gage and other dispensary retail locations as well as scaled cultivation, processing, and manufacturing facilities in its core markets. TerrAscend's cultivation and manufacturing practices yield consistent, high-quality cannabis, providing industry-leading product selection to both the medical and legal adult-use markets. The Company owns or licenses several synergistic businesses and brands including Gage Cannabis, The Apothecarium, Cookies, Lemonnade, Ilera Healthcare, Kind Tree, Legend, State Flower, Wana, and Valhalla Confections. For more information visit Caution Regarding Cannabis Operations in the United States Investors should note that there are significant legal restrictions and regulations that govern the cannabis industry in the United States. Cannabis remains a Schedule I drug under the U.S. Controlled Substances Act, making it illegal under federal law in the United States to, among other things, cultivate, distribute or possess cannabis in the United States. Financial transactions involving proceeds generated by, or intended to promote, cannabis-related business activities in the United States may form the basis for prosecution under applicable U.S. federal money laundering legislation. While the approach to enforcement of such laws by the federal government in the United States has trended toward non-enforcement against individuals and businesses that comply with medical or adult-use cannabis programs in states where such programs are legal, strict compliance with state laws with respect to cannabis will neither absolve TerrAscend of liability under U.S. federal law, nor will it provide a defense to any federal proceeding which may be brought against TerrAscend. The enforcement of federal laws in the United States is a significant risk to the business of TerrAscend and any proceedings brought against TerrAscend thereunder may adversely affect TerrAscend's operations and financial performance. Forward-Looking Information This press release contains 'forward-looking information' within the meaning of applicable securities laws. Forward-looking information contained in this press release may be identified by the use of words such as, 'may', 'would', 'could', 'will', 'likely', 'expect', 'anticipate', 'believe, 'intend', 'plan', 'forecast', 'project', 'estimate', 'outlook' and other similar expressions, and includes, but is not limited to, statements with respect to the Company's expectations with respect to the anticipated outcome and impacts of the Michigan exit plan, including the amount and use of net proceeds resulting from intended divestitures; the amount of prepayment of existing Company debt that may be achieved; the likelihood that the divestitures will lead to improvements in the key financial metrics; the impact of the divestitures on the Company's balance sheet; the anticipated timing and occurrence of substantially completing the Michigan exit plan; the estimated timing and scope of the Company's anticipated workforce reduction; the potential increase in value for the Company and its shareholders; or improvements to the Company's financial position and performance, operational efficiency, and opportunities for strategic acquisitions. Forward-looking information is not a guarantee of future performance and is based upon a number of estimates and assumptions of management in light of management's experience and perception of trends, current conditions and expected developments, as well as other factors relevant in the circumstances, including assumptions in respect of current and future market conditions, the current and future regulatory environment, and the availability of licenses, approvals and permits. Although the Company believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because the Company can give no assurance that they will prove to be correct. Actual results and developments may differ materially from those contemplated by these statements. Forward-looking information is subject to a variety of risks and uncertainties that could cause actual events or results to differ materially from those projected in the forward-looking information. Such risks and uncertainties include, but are not limited to, the financial and operational outcomes resulting from the Michigan exit plan, or the future financial profile or key metrics of the Company.; and the risk factors set out in the Company's most recently filed MD&A, filed with the Canadian securities regulators and available under the Company's profile on SEDAR+ at and in the section titled 'Risk Factors' in the Company's Annual Report for the year ended December 31, 2024 filed with the Securities and Exchange Commission on March 6, 2025. The statements in this press release are made as of the date of this release. The Company disclaims any intent or obligation to update any forward-looking information, whether, as a result of new information, future events, or results or otherwise, other than as required by applicable securities laws. For more information regarding TerrAscend:Ziad GhanemChief Executive Officer [email protected] 717-343-5386
Hamilton Spectator
07-05-2025
- Business
- Hamilton Spectator
TerrAscend Closes on Ohio Dispensary Acquisition
Transaction marks the Company's entry into its sixth U.S. state Acquisition is expected to be immediately accretive on an EBITDA and cashflow basis TORONTO, May 07, 2025 (GLOBE NEWSWIRE) — TerrAscend Corp. ('TerrAscend' or the 'Company') (TSX: TSND, OTCQX: TSNDF), a leading North American cannabis company, today announced the closing of its previously announced acquisition of the assets of Ratio Cannabis LLC ('Ratio Cannabis'), a cannabis dispensary located in Goshen Township, Ohio. The acquisition represents TerrAscend's initial entry into its sixth state, Ohio, and is expected to be immediately accretive on an EBITDA and cashflow basis. This acquisition increases TerrAscend's retail footprint to 39 dispensaries across six U.S. states and Canada. The Company intends to acquire additional Ohio dispensaries in the future. 'Ratio Cannabis is a strong performer, with no competition within a 20-mile radius, generating $9 million in annualized revenue. Entering Ohio has long been a priority for us,' stated Jason Wild, Executive Chairman of TerrAscend. 'This acquisition is a great first step in Ohio and we will continue to aggressively pursue additional accretive dispensary acquisitions, up to the eight dispensary state limit.' About TerrAscend TerrAscend is a leading TSX-listed cannabis company with interests across the North American cannabis sector, including vertically integrated operations in Pennsylvania, New Jersey, Maryland, Michigan and California through TerrAscend Growth Corp. and retail operations in Canada. TerrAscend operates The Apothecarium, Gage and other dispensary retail locations as well as scaled cultivation, processing, and manufacturing facilities in its core markets. TerrAscend's cultivation and manufacturing practices yield consistent, high-quality cannabis, providing industry-leading product selection to both the medical and legal adult-use markets. The Company owns or licenses several synergistic businesses and brands including Gage Cannabis, The Apothecarium, Cookies, Lemonnade, Ilera Healthcare, Kind Tree, Legend, State Flower, Wana, and Valhalla Confections. For more information visit . Caution Regarding Cannabis Operations in the United States Investors should note that there are significant legal restrictions and regulations that govern the cannabis industry in the United States. Cannabis remains a Schedule I drug under the U.S. Controlled Substances Act, making it illegal under federal law in the United States to, among other things, cultivate, distribute or possess cannabis in the United States. Financial transactions involving proceeds generated by, or intended to promote, cannabis-related business activities in the United States may form the basis for prosecution under applicable US federal money laundering legislation. While the approach to enforcement of such laws by the federal government in the United States has trended toward non-enforcement against individuals and businesses that comply with medical or adult-use cannabis programs in states where such programs are legal, strict compliance with state laws with respect to cannabis will neither absolve TerrAscend of liability under U.S. federal law, nor will it provide a defense to any federal proceeding which may be brought against TerrAscend. The enforcement of federal laws in the United States is a significant risk to the business of TerrAscend and any proceedings brought against TerrAscend thereunder may adversely affect TerrAscend's operations and financial performance. Forward-Looking Information This press release contains 'forward-looking information' within the meaning of applicable securities laws. Forward-looking information contained in this press release may be identified by the use of words such as, 'may', 'would', 'could', 'will', 'likely', 'expect', 'anticipate', 'believe, 'intend', 'plan', 'forecast', 'project', 'estimate', 'outlook' and other similar expressions, and include, but not limited to, statements with respect to the expected performance of Ratio Cannabis LLC, any changes to Ohio's cannabis retail competitive landscape and the likelihood that the Company completed further acquisitions in Ohio. Forward-looking information is not a guarantee of future performance and is based upon a number of estimates and assumptions of management in light of management's experience and perception of trends, current conditions and expected developments, as well as other factors relevant in the circumstances, including assumptions in respect of current and future market conditions, the current and future regulatory environment, and the availability of licenses, approvals and permits. Although the Company believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because the Company can give no assurance that they will prove to be correct. Actual results and developments may differ materially from those contemplated by this release. Forward-looking information is subject to a variety of risks and uncertainties that could cause actual events or results to differ materially from those projected in the forward-looking information. Such risks and uncertainties include, but are not limited to, current and future market conditions; risks related to federal, state, local and foreign government laws, rules and regulations, including federal and state laws in the United States relating to cannabis operations in the United States; and the risk factors set out in the Company's most recently filed MD&A, filed with the Canadian securities regulators and available under the Company's profile on SEDAR+ at and in the section titled 'Risk Factors' in the Company's Annual Report for the year ended December 31, 2024 filed with the Securities and Exchange Commission on March 6, 2025. The statements in this press release are made as of the date of this release. The Company disclaims any intent or obligation to update any forward-looking information, whether, as a result of new information, future events, or results or otherwise, other than as required by applicable securities laws. For more information regarding TerrAscend: Keith Stauffer Chief Financial Officer IR@ 717-343-5386 Investor Relations Contact: KCSA Strategic Communications Valter Pinto, Managing Director Valter@ 212-896-1254
